Acc280 Financial Accounting: E6-5 Catlet Co. uses a periodic inventory system

Acc280 Financial Accounting E6-5 Catlet Co. uses a periodic inventory system. Its records show the following for the month of May in which 65 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 8 240 May 15 Purchases 25 11 275 May 24 Purchases 35 12 420 Totals 90 935 Instructions: Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. (Round answers to 2 decimal places, e.g. 10.50.)